Financing the Purchase of an HDFC Co-op Apartment

Are you interested in purchasing an HDFC co-op apartment, but aren’t sure how (or even if) you can apply for a mortgage? On June 17, representatives from Harlem CDC, Citibank, Housing Partnership Development Corporation, and the Urban Homesteading Assistance Board (UHAB) will hold a workshop to discuss both the home buying education and mortgage application processes, and how they specifically apply to HDFC co-ops. The representatives will also outline the various financing and grant opportunities available to low-income purchasers, and attempt to demystify all of the complex elements of securing a mortgage.

An HDFC cooperative is a specific type of housing co-op that is intended to be affordable to low-income New Yorkers in perpetuity. Among other definitive elements, each HDFC co-op has income and resale restrictions. UHAB has been collaborating with banks, fellow non-profits, and government agencies to make sure that low-income tenants do not lose the opportunity to become homeowners because they cannot secure a mortgage in this credit crisis.

This workshop is intended for people who are already familiar with HDFC co-ops and who have attended one of UHAB’s Cooperative Homeownership workshops.